Home Local News TAX ISSUE PUTS BADGEROW BLDG FUTURE INTO QUESTION

TAX ISSUE PUTS BADGEROW BLDG FUTURE INTO QUESTION

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THE FUTURE OF ONE OF SIOUX CITY’S TALLEST BUILDINGS IS OPEN FOR SPECULATION AGAIN.

AN OUTSIDE INVESTMENT COMPANY HAS PAID THE TAXES ON THE BADGEROW BUILDING FOR THE PAST YEAR, AFTER THE CURRENT OWNER FAILED TO PAY THEM.

A-C-C LLC OF DUBUQUE, IOWA PAID THE PAST YEAR’S TAXES OF $135,700 PLUS A LATE PENALTY OF $12,213 ON JUNE 20TH.
THE BUILDING IS OWNED BY CALIFORNIA BASED MAKO ONE, WHO HAS FAILED TO PAY TAXES ON THE PROPERTY THE LAST TWO TIMES THEY WERE DUE.

WOODBURY COUNTY TREASURER MIKE CLAYTON SAYS THE DUBUQUE FIRM PAID THE TAXES AT A TAX SALE:


OC,……OWN THE PROPERTY. ;18

CLAYTON SAYS A-C-C CAN PROFIT OFF OF PAYING THE TAXES BY COLLECTING 2 PER CENT MONTHLY INTEREST THAT ADDS UP TO 24 PER CENT AFTER 12 MONTHS:


OC……..PAY THESE TAXES. :13

MAKO ONE PRESIDENT BRUCE DEBOLT BOUGHT THE BADGEROW BUILDING IN A SHERIFF’S SALE IN 2007 FOR $440,000.

CITY ECONOMIC DEVELOPMENT DIRECTOR MARTY DOUGHERTY SAYS DEBOLT AND MAKO ONE STILL HAVE AROUND THREE YEARS LEFT ON A TEN YEAR ECONOMIC DEVELOPMENT AGREEMENT ON THE BADGEROW:


OC………..WE’RE O.K. :17

THE NEXT TAX PAYMENT IS DUE SEPTEMBER 30TH, AND IF DEBOLT FAILS TO PAY THAT, CLAYTON SAYS A PROCESS IS IN MOTION THAT COULD EVENTUALLY LEAD TO A CHANGE IN BUILDING OWNERSHIP:


OC……..GET THE PROPERTY. ;29

THE BADGEROW’S CURRENT ASSESSED VALUE IS AROUND $3.5 MILLION DOLLARS.

DOUGHERTY SAY THEY HAVE NOT HEARD FROM DEBOLT OR MAKO ONE IN SOME TIME:


OC………DONE TO IT. :18

DEBOLT HAD HOPED TO ATTRACT A CLIENT TO OPERATE A DATA CENTER IN THE BUILDING.

HE HAS NOT RESPONDED TO KSCJ’S ATTEMPT TO CONTACT HIM ABOUT THE PROPERTY.